Two Canadian entertainment companies have cut back or withdrawn public offerings as market volatility continues to unbalance North American stock exchanges. Toronto-based animation house Nelvana Ltd has trimmed back the number of shares in a US public offering from a proposed 3.75 million shares to 2.5 million. The shares, priced at $15.40 each, will realise $33.3m, less than $19.2m of the original amount sought.
Meanwhile, Vancouver-based children and youth entertainment company International Keystone Entertainment has announced it will not proceed with its planned initial public offering, citing adverse market conditions. Announced March 10, the IPO was going to boost the company's North American distribution activities and live-action feature film production.